Experts in the field of data science have urged business leaders and policy makers in Africa to shift from making intuition-based decisions to data-driven decisions that align with their organisation strategies for the growth and development of their businesses.
They made this call at the just concluded Maiden edition of Big Data and Business Analytics Conference 2019 with the Theme: ‘Unleashing The Power of Data Analytics to Drive Business Result’, held in Lagos.
Speaking at the event, Mr. Theophilus Babatunde Mederios, (TBM) Founder of Information and Data Analytics Foundation (iDAF) and Lead Convener of the conference urged business leaders and policy makers in Africa to shift from making intuition-based decisions to data-driven decisions that align with their organisation strategies for the growth and development of their businesses.
He called on them to start making decisions and investments that will dramatically affect their ability to adopt machine intelligence in the future.
According to him, “Unfortunately, for companies that do not have technology as a core-competency, even getting started can be a daunting task One of the biggest obstacles that is the HiPPO – the highest paid person’s opinion – which allows gut instinct to override available data when determining company direction and policy.
“Unfamiliarity with AI may lead the HiPPO to reject any suggestions for adoption. While this strategy may produce a feeling of security in the short term, it also increases the probability of failure in the long term”.
Giving an insight into the benefits of AI, Mederios noted that Artificial Intelligence could be used to solve social injustice.
Founder of iDAF and Lead Convener of the conference, Theophilus Babatunde Mederios (TBM)
He further stated that DAB Conference was convened out of the need to bring together the leading big data and business analytics across sectors in Sub-Saharan Africa.
“The primary objective of bringing them together is to discuss ways businesses and policy and decision makers can take advantages of their data as intellectual property to make informed strategic business decisions.
“Now is the time for business leaders and policy makers in Africa to shift from making intuition-based decisions to making data-driven decisions that align with organization.”
Dr. Yemi Kale, Statistician General of the Federation, delivering a paper titled ‘How technology and Big Data Has the Potential to Drive and Revolutionise Our Economy’ said that Capital accumulation, labour productivity and technological innovation are the three main sources of growth in an economy like Nigeria,
Dr Kale, who was represented by Lola Talabi-Oni noted that technological innovation in the long-run will wins the Fourth Industrial Revolution.
According to him, “Technological innovation has been driven largely by Data. Technology has been driven by rapid innovation, and in the current fourth industrial revolution, technology has been largely driven by rapidly increasing volumes of data produced and consumed at a significant pace.
“Why has data grown so important? Data plays key role in shaping almost every aspect of human life by providing us with clear, objective, numerical evidence about the population, economic performance, health and wellbeing, environment and aids the decision-making process to establish numerical benchmarks, monitor and evaluate the progress of policies or programmes and ensuring that our policy interventions are well designed”.
According to the Statistician General of the Federation, previously, the country’s statistical system was less than optimal; weak, uncoordinated and largely ineffective and policy makers and other data users ignored official data.
He however noted that there are significant changes due to improved coordination at Federal and State levels; increasing recognition of the importance of statistics and resurgence in the demand for data.
He said that at the sub-national level, State governments have also been raising their interest in data-driven policy by establishing statistical agencies and passing relevant statistical laws.
Cross section of participants at the event
Dr Kale revealed that about 23 states currently have functional Statistical Bureau while calling on other states to embrace the system.
Shingai Manjengwa, CEO, Fireside Analytics, speaking on Data Science Skills & the Future of work, said that automation forms one of the most critical part of the future of work because it has the potential to replace 51% of jobs across multiple sectors that Africa is dependent on.
According to her, “Africa’s future of work story will be different from developed markets. With much of the workforce of tomorrow, we can program the requisite skills today by embracing Data Science.
“The big data market is worth an estimated USD$42 billion and Africans are well positioned to contribute significantly to this economy due to three factors, namely, favorable demographics; high and increasing internet penetration and changing education trends”.
Giving an insight on ‘Using AI and Blockchain To Monetize The Mobile Economy’ Prof. Anindya Ghose, said that Mobile (Data Source), AI (Datamining Tools) and Blockchain (Data Quality) are linked together to cause major economic changes across the world.
He noted that even in advertising industry, these technological indices are being leveraged to understand shifting consumer mindset about data exchange.
“This is what I call ‘Using AI to mine 9 Forces’ which include context, location, time, saliency, crowdedness, weather, trajectory, social, and omni-channel.
“These are what will influence the ways ads are deployed and how technology is being used in that ecosystem”.
“Countries like China and United States are leading the world in IP and other data related skills.
“Thus, Nigeria as a country should not relax, rather move up to lead the region, because there are enormous opportunities,” he stated.